Helmerich & Payne Inc. (HP) Shares Gap Up to $63.22
Helmerich & Payne Inc. (NYSE:HP)’s share price gapped up prior to trading on Monday . The stock had previously closed at $62.93, but opened at $63.22. Helmerich & Payne shares last traded at $64.50, with a volume of 806,457 shares trading hands.
Several research firms have commented on HP. Citigroup Inc. increased their target price on Helmerich & Payne from $61.00 to $70.00 and gave the company a “neutral” rating in a research report on Wednesday, July 13th. Zacks Investment Research raised Helmerich & Payne from a “sell” rating to a “hold” rating in a research note on Monday, July 11th. Jefferies Group reissued a “sell” rating and issued a $43.00 price target (up previously from $42.00) on shares of Helmerich & Payne in a research note on Monday, July 11th. Goldman Sachs Group Inc. raised Helmerich & Payne to a “hold” rating in a research note on Tuesday, June 21st. Finally, KeyCorp raised Helmerich & Payne from a “sector weight” rating to an “overweight” rating and set a $80.00 price target for the company in a research note on Tuesday, June 21st. Six research analysts have rated the stock with a sell rating, fifteen have assigned a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $59.31.
The stock’s 50 day moving average is $65.30 and its 200 day moving average is $59.82. The stock’s market cap is $6.99 billion.
Helmerich & Payne (NYSE:HP) last posted its earnings results on Thursday, July 28th. The company reported ($0.47) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.41) by $0.06. The business earned $366.50 million during the quarter, compared to analysts’ expectations of $298.71 million. During the same quarter last year, the business earned $0.27 EPS. The business’s revenue for the quarter was down 44.6% on a year-over-year basis. Equities research analysts predict that Helmerich & Payne Inc. will post ($1.12) EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 1st. Shareholders of record on Monday, August 15th will be issued a dividend of $0.70 per share. The ex-dividend date is Thursday, August 11th. This represents a $2.80 dividend on an annualized basis and a dividend yield of 4.33%. This is a positive change from Helmerich & Payne’s previous quarterly dividend of $0.69.
In related news, CEO John W. Lindsay sold 19,000 shares of the company’s stock in a transaction that occurred on Thursday, June 9th. The stock was sold at an average price of $67.37, for a total value of $1,280,030.00. Following the sale, the chief executive officer now owns 145,512 shares in the company, valued at approximately $9,803,143.44. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
Other hedge funds recently bought and sold shares of the company. Aberdeen Asset Management PLC UK increased its stake in Helmerich & Payne by 28.0% in the fourth quarter. Aberdeen Asset Management PLC UK now owns 20,701 shares of the company’s stock valued at $1,174,000 after buying an additional 4,525 shares during the last quarter. US Bancorp DE increased its stake in Helmerich & Payne by 34.0% in the fourth quarter. US Bancorp DE now owns 59,792 shares of the company’s stock valued at $3,201,000 after buying an additional 15,185 shares during the last quarter. Employees Retirement System of Texas increased its stake in Helmerich & Payne by 404.1% in the fourth quarter. Employees Retirement System of Texas now owns 247,000 shares of the company’s stock valued at $13,227,000 after buying an additional 198,000 shares during the last quarter. Suntrust Banks Inc. increased its stake in Helmerich & Payne by 9.3% in the fourth quarter. Suntrust Banks Inc. now owns 40,937 shares of the company’s stock valued at $2,191,000 after buying an additional 3,472 shares during the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Helmerich & Payne by 1.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,825,032 shares of the company’s stock valued at $151,272,000 after buying an additional 44,724 shares during the last quarter.
Helmerich & Payne, Inc is engaged in contract drilling of oil and gas wells for others. The Company operates in the contract drilling industry. The Company’s contract drilling business consists of three segments: U.S. Land, Offshore and International Land. The Company is also engaged in the ownership, development and operation of commercial real estate and the research and development of rotary steerable technology.
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